If a partnership LLC does no business and is not r...
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If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

The only expenses would be licensing and unpaid time starting the business. Not sure if it is a worth while deduction.
2 Replies
Level 7

If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

Not worth while because the partnership can't deduct partner's unpaid time.

Anonymous
Not applicable

If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

Domestic Partnerships
must file Form 1065, unless it
neither receives income nor incurs any
expenditures treated as deductions or
credits for federal income tax purposes

 

if it never wants to claim those licensing expenses as a deductible expense no return is required. thus no schedule E or SE.  whether you have to file a 1040 is a different question. 

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